Trade Setup for Wednesday 4 Jan: Stock Market News
Trade setup for Wednesday 4 Jan 2023– Good morning and welcome to the morning reports, the top things to know before the stock market opens today
Asian stock market indexes are trading mixed on Wednesday. Nikkei is trading lower by 1.51 percent as investors returned to the trading floor after a long weekend and worried about FOMC December minutes, expected on Thursday. Hang Seng and Shanghai are trading higher by 1.17 percent and 0.07 percent respectively. SGX Nifty is trading lower by 57 points or 0.31 percent and 18249 levels.
The Indication getting from SGX Nifty is slightly negative at 7.25 am IST. The Indian stock market indexes are likely to open flat on a cautious note today.
The US and European stock market indexes update
The US stock market indexes closed lower on the first day of 2023 due to a sharp correction in Tesla and Apple stocks. Investors worried about the interest rate hike in the new year as they awaited the latest minutes of the Fed’s meeting.
Tesla stock was down by 12 percent, its lowest level since Aug 2020 due to a miss on fourth-quarter deliveries. Apple stocks dragged due to weaker demand in Asia and after it was downgraded by an analyst due to production cuts in Covid-19 hit China.
The key US market indexes, Dow Jones and S&P 500 declined by 0.03 percent and 0.40 percent respectively while Nasdaq was down by 0.76 percent on Tuesday.
European stock market indexes closed higher on Tuesday, as travel stocks got boosted due to the reopening of China, the world’s second-largest economy. The lower-than-expected German inflation reading in December added optimism to the markets today. Investors are now looking forward to eurozone inflation data on Friday.
All most all sectors closed in the positive territory today. Europe banking lead the gains while oil and gas closed slightly lower on Tuesday. The pan-European Stoxx 600 closed higher by 1.2 percent on Tuesday. The key European indexes, CAC and DAX gained 0.44 percent and 0.80 percent respectively while FTSE was up by 1.37 percent on Tuesday.
Indian stock market updates
Indian stock market indexes closed higher amid volatility on Tuesday. The markets erased early losses and turned positive following positive cues from Asian and European markets. The market breadth was once again strong with the advance decline indicating a ratio of 3:2 at the close.
FIIs were the net sellers, they sold Rs 628.07 crore worth of shares while DIIs bought Rs 350.57 crore in the equity cash segment on Tuesday.
News you should read before the trade setup for today 4 Jan
On Tuesday, according to a finance ministry statement, the Indian government and the Asian Development Bank (ADB) signed loan agreements valued at $1.22 billion for developing infrastructure in various Indian states. This would cover projects for improving the power sector and highways in the northeastern states of Tripura and Assam, metro rail connectivity in the southern city of Chennai, and the improvement of key economic areas in the western state of Maharashtra.
According to Micro-Finance Institution Network (MFIN), the outstanding loan portfolio of the microfinance sector across India will increase by around 20.3 percent at Rs 3.25 lakh crore in 2022-23 compared to 2021-22. MFIN is a self-regulatory organization (SRO) recognized by RBI.
The total outstanding of the MFI sector was Rs 2.7 lakh crore in the last fiscal, and the sector had created around 1.32 crore jobs in the country since 2000, Micro-Finance Institution Network (MFIN) CEO Alok Misra said on Tuesday.
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